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Mac vs. PC: Which Works Best for You?

Steve Berman | MonsterCollege — Tue, 25 May 2010 14:39:00 -0700

It says a lot about our society that one of the most contentious pop culture debates is between buying a Mac or a PC. Not between which sugary cola is the best, or if a light beer has “great taste” or is “less filling,” but what computer one should work, play, and — in some cases — live on.

Not that this modern-day computing debate is any less subjective or image-based than those taste tests of yesteryear. The image of Mac users as young, hip, urban types who, when they aren’t busy designing virtual art for some stylish startup in San Francisco, spend their spend time on their Mac designing artistic viral videos backed by the hot indie rock song of the moment, is fairly ridiculous.

Also silly is the idea of PC users as pocket-protector wearing hermits who consider anything besides formatting spreadsheets a frivolous waste of time.

However, if you’re getting ready to spend a sizable chunk of money on a computer, trite marketing ploys shouldn’t mean a lot. What’s important is getting the most bang for the buck, and finding the machine that simply works the way it should the majority of the time.

To get technical a Mac is a computer built by Apple with the Mac operating system, while PCs are personal computers with Windows as the operating system (Windows can be installed on Macs, but at an extra cost).

As a user of both types of machines (disclosure: I use a Mac at work and a Compaq laptop at home), I’m going to focus on how Macs and PCs fare both in terms of cost and functionality. Hopefully this basic rundown will clear things up a little, and perhaps even spur conversation in the comments regarding what works best for you and/or your team.

The Bottom Line →

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Mac vs. PC: Cost

Microsoft and the companies that build PC computers would like you to believe that PCs are the only choice for thrifty consumers, while Macs are for people with money to burn who look at computers as pretty little status symbols.

And for the most part, it’s true. If you walk into a retailer with less than a grand in your pocket, the only way you’re leaving with a computer is if you buy a PC. That doesn’t tell the entire story, though.

Microsoft once commissioned a report blasting a so-called “Apple tax” titled, “What Price Cool?” However, a more accurate way to represent the pricing differences between the two types of machines would be called something like, “What Price Convenient?”

While you can get a no-frills PC laptop with a 17-inch screen for a fraction of the price of even the least expensive computer Apple offers, Macs come bundled with a lot of additional features. Entry-level PCs are more like blank slates – you can pick and choose the options and features you want and leave off what you don’t. If you don’t add options though, you won’t be able to do much beyond emailing, surfing the web and creating basic documents (and that’s only until the trial periods on your PC’s office suite expire). Also, not everyone knows exactly what he or she will want or need in his or her computer before purchasing one.

Summary: The cost dilemma mostly depends on what you need from your computer. If the computer is used for graphics and design, there might be no other choice than to go with a Mac. If you’re simply handling routine office tasks (email, spreadsheets, document-creation), then a PC is probably your cheapest bet.

Tasked with choosing computers for a traditional office environment? If you’re looking strictly at the bottom line, PCs make more sense since they’re usually cheaper and offer more support options. Even so, if someone on your design team says they need a Mac, they’re probably right.

What Works Best? →

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Mac vs. PC: Functionality

Apple boasts that their computers are the easiest to use, most beautiful, most environmentally friendly, longest lasting — and the list goes on and on. Of course, you can also find gorgeous eco-friendly computers on the PC side as well, and taste is a big arbiter of what an individual will prefer in terms of visual aesthetics.

So what about the ease-of-use question? It’s actually trickier than Apple would like you to think. Since PCs make up the vast majority of computers throughout the world (which also means PC fans have an infinite number of choices, compared to relatively few for Mac users), most viruses are built to attack PCs. That doesn’t mean Mac users are out of the woods, but in general they face fewer threats from pesky hackers.

The sheer number of PCs out there is good for Microsoft: most people have never even used a Mac before. That might be tough to imagine for those who can’t go a minute without checking their iPhone, but the majority of people who use computers have been using PCs all their lives. And unless you’re a real technophile, change can be scary when it comes to computers.

One area where Apple’s marketing team took aim at the PCs that run Microsoft software was the operating systems each used. But that gap has narrowed quite a bit since Microsoft upgraded to Windows 7 from the buggy Windows Vista. Still, Macs are by far the computer of choice for those working in the publishing, design and art worlds.

While the lack of viruses may be an inherently unfair advantage for Macs, one that isn’t is battery life. Macs can often run for eight hours or more on one charge, while the same can hardly be said for PCs. For example, I can’t even use my Compaq on a plane flight — the battery dies less than an hour after being unplugged.

Summary: While Apple fans will gloat that their Macs don’t break as often or to the degree that PCs do, there haven’t been any studies that show this to be the case across the board. Apple’s desktop operating system has a more intuitive feel, but for those used to PCs, sticking with what they know is often the best option. In short, with PCs you get what you pay for, and with Macs it’s easier to know what you’re getting (although the initial cost might seem like more).

What's the Final Answer? →

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Mac vs. PC: The Verdict

Contrary to what the rabid “fanboys” and “fangirls” of each would like you to think, the differences between Macs and PCs aren’t incredibly striking — sort of like Coke and Pepsi!

For office purposes, both machines will access the Web, create office documents and pull off whatever tasks you ask of them. If cost is your only concern, PCs are the way to go. If you need more than the basics and prefer sleeker styling and Apple’s interface and design capabilities, get yourself a Mac.

Nowadays, computers are quite powerful for the price — all you need to do is figure out what your computing priorities are and pick the machine that best suits your need and budget.

Whatever you do, don’t rely on marketing campaigns to make your decision.

Financial Literacy a Necessity for College Students with Money Questions

MARKETWIRE — Wed, 30 Sep 2009 11:47:00 -0700

Do you want to learn more about managing money and personal finances? Do you have questions about student loans and mounting debt? If you are a college student or recent graduate than your answer should be an emphatic "Yes!"

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There are no federal bailouts for college students in financial trouble, but one university is offering its students a helping hand to manage their money, and their debts.

"The purpose of a college education is to help students learn how to solve problems," said Kristy Vienne, "and we see a lot of students who are in need of solutions. The first step is to become financially literate."

Vienne directs Sam Houston State's Student Money Management Center, which helps students help themselves.

"We see a lot of students in financial trouble; the majority of students are in debt, but they are also smart, responsible and eager to learn how to better manage their resources," she said.

Here's her best financial advice to college students and their parents:

1. Know your Income. "Once the student identifies how much money is coming in every month, budgeting and creating a spending plan will be much easier and faster."

2. Learn to Budget. "Students need to track their finances and understand their fixed and variable costs."

3. Compare the Expenses. "This allows students to see exactly how much money they have left over and if changes need to be made to their budget."

4. Cut the Costs. "Compare the costs of things such as groceries from one store to another and look for sales and coupons."

5. Save, Save and Save. "If students have a savings account and should any emergency occur, there is no need for a loan or credit card to pay for the expenses."

6. Educate yourself on Credit. "The more students understand about credit the better deals they can receive."

7. Be Responsible. "Make sure to pay bills on time to avoid creditors charging high interest. Also know your spending limit so you do not come up short."

8. Protect yourself Against the Thief. "Dispose of your financial records properly by using a shredder. Be cautious when using your social security number."

9. Know your Options. "Understanding how loans, credit cards and debit cards work will save students from a heap of trouble, debt and headaches."

10. Ask Questions. "It is important to talk to your parents or a financial professional about any questions or concerns you may have."

Get more college finance advice

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Got a Burning Financial Aid Question? Ask the Expert!

Mon, 24 Aug 2009 15:45:00 -0700

Wondering how to maximize your financial aid package? Got a specific student aid question you can't find the answer to? No matter what is its, if you've got a financial aid question, "Kantro" has the answer.

Mark Kantrowitz is one of the top financial aid experts in the country and he's answering YOUR questions, here on FastWeb!

Nationally recognized and often quoted in newspapers such as the New York Times, Kantrowitz can answer your questions on everything from the FAFSA, to loans, grants, saving for college, how recent legislation will affect you and your financial aid package, and more.

So, what are you waiting for? Send in your question today to AskKantro@FastWeb.com and check out his weekly column, published every Monday, for the answers.

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FAQs

MonsterCollege Team — Wed, 19 Aug 2009 15:44:00 -0700

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Reporting Tip Income - Restaurant Tax Tips

Internal Revenue Service — Tue, 18 Aug 2009 14:50:00 -0700

Tips your employees receive from customers are generally subject to withholding. Employees are required to claim all tip income received. This includes tips you paid over to the employee for charge customers and tips the employee received directly from customers.

Employee Requirements

Employees must report tip income on Form 4070, Employee's Report of Tips to Employer, (PDF) or on a similar statement. This report is due on the 10th day of the month after the month the tips are received. This statement must be signed by the employee and must show the following:

-The employee's name, address, and SSN.

-Your name and address.

-The month or period the report covers.

-The total tips received.

No report is required from an employee for months when tips are less than $20.

Both Forms 4070 and 4070-A, Employee's Daily Record of Tips, (PDF) are included in Publication 1244, Employee's Daily Record of Tips and Report to Employer. (PDF)

Employer Requirements

Employers must collect income tax, employee social security tax and employee Medicare tax on tips reported by employees. You can collect these taxes from an employee's wages or from other funds he or she makes available.

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Allocation of Tips

As an employer, you must ensure that the total tip income reported to you during any pay period is, at a minimum, equal to 8% of your total receipts for that period.

In calculating 8% of total receipts, you do not include nonallocable receipts. Nonallocable receipts are defined as receipts for carry out sales and receipts with a service charge added of 10% or more.

When the total reported to you is less than 8%, you must allocate the difference between the actual tip income reported and 8% of gross receipts. There are three methods for allocating tip income:

-Gross Receipt Method

-Hours Worked Method

-Good Faith Agreement

Employers can request a lower rate (but not lower than 2%) for tip allocation purposes by submitting an application to the IRS. Detailed instructions for computing allocation of tips, reporting allocated tips to employees, and for requesting a lower rate can be found in the Instructions for Form 8027. (PDF)

Note: The amount shown as allocated tip income is for information purposes only. You are not required to withhold Income or Social Security taxes on the allocated tip income. The amount of tip income allocated to each employee is shown in box 8 of their Form W-2.

Tip Reporting Requirements for Employers

Employers who operate large food or beverage establishments must file Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips (PDF) to report employee tip income. A large food or beverage establishment is defined as business where all of the following apply:

-Food or beverage is provided for consumption on the premises

-Tipping is a customary practice

-More than 10 employees, who work more than 80 hours, were normally employed on a typical business day during the preceding calendar year.

A worksheet for determining whether a business meets the criteria listed above is included in the Instructions for Form 8027. (PDF)

Hitting the Personal Financial Reset Button

David Kiley | Business Week — Tue, 18 Aug 2009 14:46:00 -0700

A BW senior correspondent details his quest to repair his retirement portfolio and get his family's finances in order

It could have been worse. At the end of February—a year and change since my wife and I had shifted our money to professional wealth management advisers—our equity holdings were down 48% for the 16 months they had managed it. But our overall portfolio took a hit of just 26% during that period because early last year we pulled the "professionals" back from their plan to pile 70% of our money into equities. Instead we decided to invest just 30% in stocks and keep the rest in fixed income and cash.

But looking at the February statement, it was clear what we had to do: Fire da bums.

It's not only that we're peeved that their best advice was to go so heavily into equities months before the market crashed—and that my own instincts to hang back were correct. It's also that these guys charge 1.25 points on our portfolio annually to be in their funds. A check with some financially savvy friends revealed that such a fee for a portfolio that's merely 30% in equities is "confiscatory," as one put it.
We fired the pros, posted big gains

O.K., you may ask, now that you're going the DIY route, where are you putting your money in this market? Since Mar. 1, we have been dividing it into quarters evenly split among cash and CDs; Vanguard's stock index fund; Vanguard's bond index fund; and a Vanguard municipal bond fund. That is as plain and conservative a diversification as we can stand in this climate. The average expense ratio of these funds is just 0.15%. I spent in excess of $7,500 last year in fees to do nothing more but track the market with my stocks. This year, I figure we will make back nearly $7,000 in fees we aren't spending for what I predict will be a better return. Over the next three years, these differences alone will add up to from $20,000 to $30,000.

We took our money out of the "pros'" hands just as the market began climbing back. My wife, though, had put some of the cash into a few individual stocks before the run-up, which helped boost our short-term returns. She picked Wells Fargo (WFC) because their servicing of our mortgage has been excellent and the bank appeared to have been more conservative than others. She saw a buying opportunity when the company's stock was hammered along with Citigroup (C) and Bank of America (BAC). She was correct, bringing us gains in double-digit percentages.

We could still be hit with bailer's remorse: What if the funds we sold out of at our former adviser outperform my index funds? Will we feel as stupid as we did three months ago? According to Mark Kritzman, president and chief executive of Windham Capital Management in Boston, who recently published a study in the Feb. 1 issue of Economics & Portfolio Strategy, that is very unlikely.

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Counting Expenses, managed funds lag

Kritzman measured the long-term impact of all the expenses involved in investing in a managed mutual fund or hedge fund: transaction costs, taxes, and management and performance fees. He calculated the average return over a hypothetical 20-year period, net of all expenses, of three hypothetical investments: a stock index fund with an annualized return of 10%, a managed mutual fund with an annualized return of 13.5%, and a hedge fund with an annualized return of 19%. The volatility of the funds' returns—plus turnover rates, transaction fees, and management and performance fees—was based on industry averages.

His finding: Net of all expenses, including taxes, the winner was the index fund. Expenses were the culprit. Indeed, Kritzman found that just 3% of managed funds in his modeling would do better than simple index funds.

With our dreams of retiring in a decade or so shot to pieces for the moment, we are on a rampage to make up for the losses—and add to our principal so as to maximize returns when the markets head north. Like charity, financial security begins at home.

And that brings us to the second part of the Kiley Family Recovery and Reinvestment Act of 2009. As a couple in our mid-40s with a son, we decided we wouldn't waste this financial crisis: We attacked the unnecessary spending that was hurting our efforts to build wealth. The idea is simple: Replace the money that isn't growing from stock market gains with money conserved from household budget leakage. That way, the principal will be greater when the market improves.

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Here's a blow-by-blow account of the great budget beat-down:

Mortgage

We pay monthly, like most Americans. To knock down the principal, we are going to make smaller payments twice a month, a strategy that will add the equivalent of two extra monthly payments a year. This will reduce the 27 years we have left on our mortgage to a little over 22 years, saving us $77,000 in interest payments. We also are refinancing, from a 6% rate to a 5.12% rate with no fees.

School payments

Our seven-year old son attends a private school, but we've been thinking this is unnecessary because there's a very good public school in our town. For at least the next four years—until he starts middle school—we plan to bank the $11,000 a year, replenish his 529 college fund, and invest the rest.

Household expenses

It is difficult to look at daily, weekly, and monthly budget leakage. Some of the things we are identifying may make us sound like nickel-and-dimers. But we are using this recession as a teaching moment for us and for our son to change habits. Some of the things we are chopping out of our budget will likely return when the market does, but who knows? New habits may die as hard as old ones.

Greeting cards

With an extended family of more than 20, I figure I spend $75 a year on cards. They are now getting photo cards I print off my computer and pictures that my son draws.

Haircuts

I know. I'm squeezing dimes, right? But budget cutting becomes contagious. My son and I were going to the barber every six weeks to get our hair buzzed. That's $30 for the two of us. Over a year, the roughly seven visits added up to $210. I've bought a buzzer/trimmer for $22 and we now do our own hair.

Health care

I was seeing a chiropractor twice a week for $35 per visit. Cancelled. I think I can accomplish the same relief for my back by working out more on my underused Total Gym. Also my wife was seeing an out-of-network specialist, which could have cost $2,000 this year. She is now seeing an in-network specialist, which requires a 90-minute round trip.

Clothing

My wife and I are dialing back on clothing purchases by 50% this year. To maintain domestic harmony, I promised I wouldn't publish how much we're saving, but the number is substantial. The limits do not apply to our son, who is growing rapidly.

Food

We've cut back our spending at the fancy deli in town by $100 per month. We'll make do with Havarti cheese instead of the stinky expensive stuff for a while. Minimum savings: $1,200 a year.

Vacations

We've piggybacked family trips onto two of my business trips this year to New York and Florida, with days off, to save some airfare and hotel expenses. We'll save about $3,000 this year, based on what we would have spent taking those trips on our own.

Dining out

We have dialed back on going to our favorite restaurant, from twice per month to once. That saves about $80 a month, or $960 annualized.

It may all sound like a penny-pincher's life, but there's an old adage: "Watch the nickels and dimes and the dollars take care of themselves." What's better, we feel much more in control of our financial destiny.

Savings like these can be illusory if you don't track them and set the money aside for real. Each month we put the savings on greeting cards, dinners out, and haircuts into our vacation fund. That way it's sitting there when we need it and we aren't draining our working checking account. Fancy food savings are going to the 529 fund.

As market conditions dictate, we will divert money-market and CD reserves into the stock index fund as part of a dollar-cost averaging program.

We calculate that our minimum annual savings will be, to us, a staggering $24,000-plus. If we merely continue those savings over five years, add them to our remaining principal, and keep it all invested for a very conservative compound-interest return of 3.5% after taxes, it will add at least $213,000 to our nest-egg. That will put us above where we were before the markets tanked.

So the party—and the financial laziness we developed—is over. And even if the markets and home values bounce back sooner than many of us think, our new, frugal habits will hopefully die harder than our old ones did. We do, however, look forward to going back to the barber. I'm not sure how long my son will put up with Dad cutting his hair.

Fair Tips, Fair Pay? Not in a Recession.

Andrew Grice and Cahal Milmo | The Independant — Tue, 18 Aug 2009 14:09:00 -0700

Restaurants say 45,000 jobs are at risk if waiters' pay law is changed.

The restaurant industry is warning that 45,000 jobs could be cut unless the U.K. government delays plans to outlaw the use of tips to "top up" below-minimum wages.

After The Independent's "fair tips, fair pay" campaign, ministers pledged last July to stop restaurants from using tips and service charges to bring pitiful wages up to the £5.73-an-hour legal minimum. This campaign uncovered evidence that some workers were paid as little as £3 an hour. Some of the restaurant groups are owned by wealthy private equity firms and they were accused yesterday of using the recession as an excuse to stave off paying their employees fairly.

The hospitality industry warned the Government that 45,000 jobs will be at risk if "topping up" is made illegal. The new rule was due to take effect this October but the industry is lobbying for a delay. Some insiders blame its campaign on private equity firms who rely on restaurants to maintain their cash flow.

While many restaurant groups have dragged their feet on changing their tipping policy, their parent companies have reaped handsome rewards. Tragus Group, which controls the Cafe Rouge, Bella Italia and Strada chains, and is one of Britain's largest restaurant operators, is understood to be lobbying the Government for a delay of several years before implementing the new policy.

The company is 81 per cent-owned by the American private equity giant Blackstone and recorded a 56 per cent rise on its pre-tax profits last year to £44m on earnings of £248m. It confirmed last year that it dips into the gratuities earned by its staff to bring their earning up to the minimum wage.

Tragus paid one of its directors £325,000 last year – a 128 per cent increase on the previous year. Stephen Schwarzman, the chief executive of Blackstone, last year received a remuneration package including stock and shares worth $729m (£689m). The average salary in Tragus restaurants was £10,855 a year.

Gondola Group, which is owned by the private equity company Cinven and controls chains including Pizza Express, ASK and Zizzi, reported a 7 per cent rise in pre-tax profits to £103m last year.

The Independent revealed that staff at Zizzi and ASK restaurants had used those tips left on credit cards to make up their earnings to the minimum wage, while Pizza Express workers received the gratuities on top of their earnings subject to an 8 per cent deduction for "administration costs". Both practices are perfectly legal at the moment.

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Gondola, whose parent company controls assets worth £35bn including Bupa private hospitals, paid its six directors a total of £972,000 last year, with the best-remunerated receiving £311,000. The average salary for one of its restaurant's staff was £12,800.

Pat McFadden, the Employment minister, said yesterday: "We believe that customers expect tips to go to staff in addition to the minimum wage – not to be used to take them up to the minimum wage.

"That is basic fairness for workers we rely on every day. This is a change we are going to make." But he said no decision had been made on the timing.

The British Hospitality Association (BHA) which represents the hotel, catering and leisure industry, has asked Lord Mandelson's Business Department to delay the implementation of the rules until April 2010.

Bob Cotton, its chief executive, said that would give restaurants time to prepare and reduce the prospects of job cuts. "Turnover is down by 10 to 15 per cent in the recession," he said. "About 35 per cent of costs are labour costs. The first priority is to keep people in work."

He insisted the BHA supported the Government's move, saying private equity firms owned only two or three out of 50 restaurant chains and were "not driving" the industry's campaign.

Last night, MPs and trade unions said the private equity owners of restaurants should not use the recession as an excuse to exploit low-paid staff. They urged the Government not to delay the new rules.

The Labour MP Michael Connarty, whose Commons motion backing The Independent's campaign was signed by 95 MPs, said: "Companies like private equity firms, that are in it for big bucks and taking out disproportionately large amounts of money, have to be told this is about fairness. It is offensive to the public at this time if the lowest-paid workers are prevented from getting out of poverty when people at the top of these companies are trousering large amounts of money."

Len McCluskey, the assistant general secretary of the Unite union, said: "Everyone, except greedy bosses, believes that tips and service charges belong to the hard-working staff. There is no justification for the British Hospitality Association to attempt to defend this loophole. A tip is a reward for good service and it should go directly to the people who earned it."

He added: "This sector has so far failed to demonstrate its commitment to a fair and transparent tipping system. We cannot continue to allow them to abuse customer generosity."

Financial Doors Can Open for College Applicants that Plan Ahead

G. Jeffrey MacDonald | USA Today — Tue, 18 Aug 2009 14:07:00 -0700

Ripple effects of a dour economy are making this college application season as nerve-wracking for some admissions officers as it is for applicants. But for savvy families, there may be new opportunities.

"A lot of schools are going to be concerned about meeting their requisite enrollment thresholds," says Barmak Nassirian of the American Association of College Registrars and Admissions Officers. "They represent a second chance for some applicants who might not have gotten in a year ago but now have a very realistic chance — if they can swing the cash or borrow or somehow finance the package."

"Best Value College for 2009":http://www.theapple.com/news/articles/7506-best-value-colleges-for-2009

Navigating this new landscape requires an updated road map, consultants say. Public colleges with modest price tags probably will become more selective, while lesser-known private colleges may admit more students. To score a great education at an affordable price, students need to do a little extra research, think creatively and be assertive.

"Don't be put off by the scare news," says Lora Block, an independent college planner in Bennington, Vt. "It's still unpredictable out there. The main tactic should be to spread your chances and have a wide range of choices that all are good matches."

Dozens of private colleges are adding incentives to attract students for fall 2009. Lawrence Technical University in Southfield, Mich., plans to offer 50% off tuition for 400 laid-off workers or their dependent children. Students accepted to the UCLA or UC-Santa Barbara may attend California Lutheran University in Thousand Oaks for the same price (average annual savings: $16,000).

New initiatives, including tuition freezes at several schools, have expanded the realm of what consultants call "financial safety schools," where a student is likely to get accepted and can afford it.

For many students, financial safeties consist of public universities or community colleges, where costs are subsidized and admission is sometimes guaranteed. But costs can climb if classes fill up and turned-away students are forced to delay degrees.

h4. Apply early, experts say

To secure a spot and avert delays, applicants to public institutions should apply as early as possible and be early in accepting offers of admission and registering for classes, says Daniel Hurley of the American Association of State Colleges and Universities. "Even though a college might not have a formal policy (of capping enrollment), it simply might run out of physical capacity," he says.

John Harding of Murrieta, Calif., applied to Princeton and Harvard, in part because both have beefed up financial aid for middle-class families. He also has applied to the University of Southern California, which awards a lot of merit scholarships, and he feels he's a strong candidate to get one because he has good grades and plays the violin.

That strategy has merit, says Philadelphia educational planner Dodge Johnson: "You're more likely to get money at schools where you will be a catch."

Ben Greenslade of Portsmouth, N.H., hopes anxiety about filling seats at small private colleges might work in his favor. He's applying to Goucher College in Baltimore in part because he likes its international relations program. Also: his mother believes the school, where women outnumber men, might woo her son with scholarship money.

Don't assume you'll always pay less in-state. A Vermont resident would pay 27% less in tuition at the University of Hawaii-Manoa ($8,304) than at the University of Vermont ($11,408).

h4. Start locally to save money

Starting at community college is the plan for high school senior Valerie Kozdra of Groveland, Mass. She's taking two online courses this spring at Northern Essex Community College in Haverhill, Mass. She'll finish her associate's degree, then transfer to a state college. "All I have to do is keep my grades up and I'll be automatically accepted," she says. Tuition is cut by a third as a merit reward.

To reduce overall college costs, students should submit scholarship and financial aid applications in January to get an early shot at available money, consultants say. A common mistake: waiting until tax returns are completed, then being told resources are already gone. Tax return information can be updated later, Block says.

The ABCs of Managing Money

Geezeo.com — Thu, 13 Aug 2009 14:16:00 -0700

Budgeting isn't always easy - but it doesn't have to be impossible. And it's worth it. You'll live with less worry now, and endure less headache later on.

Luckily, the Geezeo blog has come up with some basic money management strategies that are as simple as ABC.

Follow their guidelines to squash your debt, start saving, and stop wasting money.

A is for ...

Originally published on Geezeo, a free web-based personal finance application that makes it easy to track your finances, set financial goals, and learn from others. Popular content includes Money 101 and Money Confessions.

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Always Keep Track

You should always keep track of all of your accounts, and running balances of those accounts - specifically, the ones that you use on a daily basis. This will help prevent late payments or being overdrawn on your checking accounts, or going over your limit on your credit accounts.

B is for ...

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Build Credit Carefully

You don’t want to run out and snatch up every credit card offer you receive. Be selective, and don’t go crazy. You want as many as you can handle, and that you can keep in good standing (preferably paid off), but not so many that you lose track or risk running up the bills.

C is for ...

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Cut Down on Non-Essentials

If you are trying to pay off debt, then you should reduce or even eliminate non-essential items. The money you save could could give you extra money to put towards your other debts.

D is for ...

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Destroy Possible Ways to Fall into Debt Again

If you find it hard to resist the urge to max out your credit card again, then you may want to consider cutting them up. If you want to have them “in case of emergency”, be sure to leave them at home (unless you're about to be somewhere you couldn’t easily get to them - like going on a road trip).

E is for ...

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Execute a Plan of Action

A goal, without a plan, is just a dream. You should always map out how you plan to budget better, or how you plan to track your spending, or how you want to pay off your debt. If you don’t, you could get lost quite easily.

F is for ...

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Figure Out All of Your Debt

If you are wanting to budget in order to get control of your debt and pay it off, you need to know how much you owe and to whom you owe it.

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Grow Up!

It’s time to take responsibility for yourself and your actions. If you are old enough to obtain debt, then you are old enough to pay it off. You can’t rely on anyone but yourself.

H is for ...

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Have Back-Up Plans (Emergency Funds)

It’s important to save up enough money to have a cushion. You should determine what your goal is. For some it’s 3-6 months. For others, it's at least a year's worth. You need enough to take care of you in an emergency, as well as if you lost your job. If you do lose your job and don't find one right away, you want to have enough money saved up to pay your bills at least for a time.

I is for ...

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Include Every Debt

Don’t ignore a debt because you don’t think it’s important. When paying off your debts, you should include all of them so you have have a full financial picture of where you are.

J is for ...

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Just Do It!

Sometimes you just have to suck it up and take care of your debt. There are times when you may lack the motivation. However, if that is the case with you, just start doing it, no excuses, and after a while, as the debt starts to decrease, you'll feel great and want to continue.

K is for ...

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Keep Yourself in Check!

When it comes to paying off debt, the initial payments can be exciting! For once you are seeing that balance go down. However, “things come up” (which is why we encourage an emergency fund!). So this could affect what you could pay towards your debt. Don’t let it continue once the “emergency” is over. Keep a check on where your money is going (always tracking your accounts) so that you can spot any mishaps in your plans. Don’t get in the habit of making up your own “emergencies” as well. Just because your friends suddenly decide to go out tonight, and you want to go, don’t sacrifice your goals for one night of fun. That’s not to say you can’t go -- just try to find a way to cut costs.

L is for ...

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Live Life for Your Future

Many people will tell you that you should live for today, because you just don’t know what will happen tomorrow. While that may be partially true, you can say the same about tomorrow. You don’t know if you'll lose your job, or if your child will get sick. So the best thing you could do is “set yourself up for success” so that when these things come up, you are prepared. And keep in mind, there are still plenty of things you can do to enjoy today! You just have to be willing to think outside the box at times.

M is for ...

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Make It Possible

Whatever your goals are, you have the power to make them reality. Take a proactive role in your finances, and you will find ways to make this possible. Don’t earn enough to put towards your debts? Find ways to create more income. Take up a second/part-time job, start a home-based business, or try moving up in your current job. If you simply don’t know what you owe, create a list of the things you do know about. Think there's more? Check your credit report (which can also help you spot possible mistakes in your records).

N is for ...

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Never Go to the Grocery Store Hungry

Here’s a tip that pertains to saving money doing an easy task that everyone has to do at some point: If you are going grocery shopping, try to eat at least a snack before you go. This will help curb the tendency to put whatever looks good in the moment into your cart. When you are hungry, and you are looking at an aisle of food, everything may look good and you won’t be saving money! (Remember to take your list with you to the store as well!)

O is for ...

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Offer to Take on Extra Shifts

We talked earlier about creating more income with work. An easier way to do this would be to simply take on extra shifts at work, if you can. This will allow you to not have to add a new job, but will still create more income for you to put towards your debts. All you have to do is calculate how much extra you would have from the extra shift(s), and then apply that to a debt.

P is for ...

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Pursue New Careers

Whether you dislike your current career, or if you see no room for growth, it may be time to look at a new one. Start talking to others who are in your field of choice.

Q is for ...

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Quit Negative Thinking

Automatic negative thoughts (or ANTs) can be damaging to your success. You should try to keep yourself from automatically assuming that you aren’t going to be able to accomplish something, or that you would, no matter how hard you tried, fail. You have to kill those ANTs as soon as they begin to come in. At first this may not be easy, but if you are keeping an eye out for them, and instantly turning around to think something positive, then you will be able keep those negative thoughts at bay until they are no more.

R is for ...

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Reduce Costs of Essentials

If you are not able to take on extra shifts or take on a second job, then maybe it’s time to consider if you really NEED to have DVR or if you can downgrade on your internet. If you have a cell phone, do you really need to have a home phone too? There are many areas you can consider when it comes to cutting costs. Many families have chosen to eat at home more. This also contributes to more quality family time as well.

S is for ...

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Stay Focused on Long-Term Goals

While short term goals are good - it’s good to think about your long term goals. You will want the short term to add up to the long term. If your end goal is to own your own home, then you will want to get rid of credit card debt and the like, as well as start saving for your down payment. These short term goals are going to allow you to attain your long term goal of finally owning your own place.

T is for ...

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Trouble Won't Find You, You Find Trouble

Many people blame credit card companies for the problems they have with their debt. However, you are the one who chose to open the card. No one forced you to do it. No one forced you to use the card either. So it is no one else's fault. Which is why you need to take control. You need to take responsibility. Once you do those things, you will be on the path of financial independence. Stay away from it if you think you may have a problem later.

U is for ...

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Understand Your Biggest Weaknesses

If you know that you are going to have a hard time resisting the urge to buy that new pair of pumps, then maybe it is best to avoid that store altogether. If you are trying to decide on a big purchase, for instance, a car, and you know you can’t afford to drive anything over $20,000, don’t tempt yourself by test driving something above that price range. When it comes to purchases, big or small, do not test your emotions, because more than likely, you will begin to rationalize while this is better than that, or why you should get something now verses saving up for it later.

V is for ...

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Variety Is the Spice of Life

When grocery shopping, you may have made your list, and you may have been sticking to it very well. But let’s say that you were going to get roma tomatoes, but the vine tomatoes are on sale. Or how about lettuce for salads but the pre-mixed salad bags are on sale (you could save money AND time on this one). You won’t know if you like something unless you try it, so be open to new experiences. You never know, a recipe might be better with the replacement.

W is for ...

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Wait Out Your Purchases

If you want something, and it is a big purchase, you may want to wait out the purchase to see if you still want it in 2-3 months. Even 2-3 weeks could allow you enough time to determine if it’s really necessary. If it’s a smaller purchase, you may still want to wait it out as it could go on sale or get even drop in price.

X is for ...

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X-amine Your Goals

Sometimes you will need to revisit your goals, and adjust them according to your current circumstances. If you realize that a current goal is not attainable with your immediate circumstances, put it on the back burner, and work on the next one. Then revisit it in the future to see if you can do it. As you complete goals, create new ones. Always keep an eye on where things are heading, and you will be able to better stay on track. Also having your goals in a place that is readily seen on a daily basis will help keep your goals fresh in your mind, and hopefully deter you from anything that may get you off track.

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You Should Always Have Faith in Yourself

You can do anything as long as you put your mind to it. You should always remember that if you make a decision, work hard at achieving it, you will attain it (even if only eventually). You have to have faith in yourself, and keep telling yourself positive things (avoiding those ANTs).

Z is for ...

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Zip Up Your Wallet

Don’t spend it just because it’s there - Finally, when it comes to your spending, you should keep track of where you money has gone, and where it needs to go. Just because there is money in your bank account today does not mean you should buy something. You may have upcoming bills you need to pay for first. Or you may even have bills that have not cleared your bank yet. This is why keeping a budget, and keeping track of your accounts is vital. Even better is to keep a check register so that you know what bills you have paid even if they have not cleared your bank.